First time home buyers

February 17, 2009
Matt Isleib

 

As we head into the spring housing market there a lot of great homes that are out there. You have your pick of the litter so to speak of homes. There are some incredibly cheap finds out there, you just need to be patient and look. If you are a first time home buyer now is as good a time as any to look for your first home. First off, if you are a first time home buyer and close on a purchase between now and the end of the year you can qualify for an $8,000 tax credit. That is a big incentive that the Government is giving to help stabilize the housing market. Aside from the tax credit and the fact that there are great buys to find out there here are some highlights to follow if you are a first time home buyer. Happy house hunting.

·         Find a seasoned real estate agent. One that knows the market you are looking in.

·         Get pre approved before you start looking at a home. There is no point in looking if you cannot secure financing to purchase it.

·         Some bullet points of what to expect as far as mortgages go

1)      Putting less than a 10% down payment, FHA is most likely your best bet for financing

2)      Any down payment over 10% and a conventional mortgage is your best choice

3)      The least amount that you can put down is 3 ½% through FHA. Although in some instances for those that qualify you can still get 100% financing through a VA loan or through a USDA loan.

4)      If you have low to moderate income and are looking to purchase a moderately priced home as a first time home buyer you may want to check and see if you qualify for a CHFA loan

·         Ask your real estate agent or lender to explain the process and steps with you in the beginning. The more that you know about the process the smoother the transaction will be. Besides getting a good idea of how the process takes place keeps everyone involved on the same page.

Applying for and shopping mortgage rates is a click away www.EversleyCapital.com